Moneris to Provide Sponsorship for Cynergy Data

SCHAUMBURG, Ill.--(BUSINESS WIRE)--Moneris Solutions, one of North America’s largest payment processors, today announced that it has signed a multi-year agreement to provide bank sponsorship and settlement services to Cynergy Data, one of the payment industry’s largest and most established Independent Sales Organizations, as well as to Cynergy Data’s own registered ISOs and their merchants.

“We considered many different options as we mapped out our long-term growth and technology strategy”

Under the terms of the agreement, Moneris Solutions will provide bank sponsorship through Harris N.A. and process all VISA, MasterCard and Discover Card transactions for Cynergy Data. Founded in 1995, New York City based Cynergy Data currently provides payment processing services to more than 90,000 businesses and processes more than $15 billion in credit, debit, check conversion and other payment transactions annually.

“Cynergy Data is an industry flagship super-ISO organization, and we are excited about the opportunity to help facilitate their growth and expansion,” said Greg Cohen, president, Moneris Solutions, Inc. “Cynergy is a great example of the well established, market-leading companies that we look to partner with.”

“We considered many different options as we mapped out our long-term growth and technology strategy,” said Marcelo Paladini, co-founder and CEO of Cynergy Data. “Ultimately, we chose Moneris Solutions because of their experience, strength and financial stability. We look forward to a long and successful association with them.”

About Moneris Solutions:

Moneris Solutions is one of North America’s largest payment processors. A joint venture between Royal Bank of Canada and Bank of Montreal, which combined have assets in excess of $700 billion, Moneris Solutions provides payment processing products and services to more than 350,000 North American merchants and processes more than 2 billion payment transactions annually.

Moneris Solutions, Inc. (www.monerisusa.com) is the company’s U.S. subsidiary. Based near Chicago, IL, Moneris Solutions, Inc. serves a wide range of businesses and processes all types of payments including credit, debit, paper check, e-check (ACH), recurring payments and gift cards. In addition to direct sales, the company distributes its products and services through a large network of financial institutions, strategic business partnerships and ISOs.

About Cynergy Data:

Since its inception in 1995, Cynergy Data has expanded from a two-person operation to an industry leader boasting nearly 275 innovative, service-oriented employees. As an innovator for today's business cash advance programs and integrated payment systems, Cynergy Data aims to provide friendly and secure merchant credit card processing services for small and large businesses.